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CNOOC lifts 1st oil cargo from Guyana, reports record performance for 2019

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China’s state oil company CNOOC has lifted its first 1 million barrels of light, sweet Liza crude from Guyana’s offshore Liza Phase 1 Development project. The company has a 25% stake in the 6.6 million acres Stabroek block as...
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Fugro partners with SEA-KIT to develop new range of uncrewed surface vessels

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SEA-KIT, a global provider of hi-tech solutions to maritime and research industries, will work with Dutch engineering company Fugro to develop a new range of agile and compact uncrewed surface vessels (USVs) which can deploy remotely operated vehicles (ROVs)...
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Global oil demand could collapse by over 16 million bpd in April

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Global oil demand is expected to take the biggest hit in the month of April falling by nearly 16 million barrels per day (bpd) year on year, representing almost a 16% drop. Rystad Energy said this downgrade takes into...
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Economic crisis prompts a showdown and a shutdown in Suriname

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(New York Times) Suriname ground to a halt on Wednesday as its banks, shops and factories shuttered in a showdown between its beleaguered private sector and its authoritarian government over how to respond to a deepening economic crisis. The closures...
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Over 1 million oil field services jobs to be cut in 2020 as COVID-19, price crash wreak havoc

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More than a million jobs in the oilfield service industry (OFS) are likely to be cut in 2020 due to low project volumes brought upon by the Covid-19 epidemic and the ongoing oil price war, a Rystad Energy impact...
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Saipem seeking EOIs for construction of Guyana fabrication yard

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Italian engineering and drilling services firm Saipem is inviting companies to express interest in bidding for the construction of a fabrication yard to support its operations at the Stabroek Block offshore Guyana. The contracting period has been given as second quarter...
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US, UK warn of ‘serious consequences’ for those looking to ‘benefit from electoral fraud’ in Guyana

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The United States of America and the United Kingdom are stepping up their call for full transparency in Guyana’s March 2 election where to date a winner has not been declared. “The calls for a free, fair, credible election in...
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Staatsolie issues US$195 million international bond ahead of anticipated offshore oil boom

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Suriname state oil company Staatsolie Maatschappij Suriname N.V. has issued a US$195 million bond in Suriname and Curaçao. This bond issuance, executed on March 23, is internationally listed on the Dutch Caribbean Securities Exchange (DCSX). De Surinaamsche Bank N.V....
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Schlumberger cuts spending 30%, eyes rapid slowdown in oilfield activity

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(Reuters) - Schlumberger, the world’s largest oilfield services company, on Tuesday said it would cut spending by 30% this year from last year’s levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war. The...
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Bloomberg: A country’s future as world’s fastest-growing economy crumbles

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(Bloomberg) When Exxon Mobil Corp. came to Guyana, the U.S. oil giant brought with it the promise of extraordinary economic growth. Now the tiny South American country is embroiled in a bitter battle over who might control that wealth...
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‘Lil Red Community Centre’ commissioned through partnership with Food for the Poor Inc. and SBM Offshore Guyana

Residents of Little Red Village on Guyana’s Essequibo Coast now have access to a new community hub following the...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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